Custom projects

Bespoke research projects tailored to meet specific client needs. Examples include:
  • Global market analysis on an individual product basis.
  • In-depth, single-market and product potential assessment.
We combine our knowledge of financial markets and the tobacco sector to frame the potential for harm reduction within the context of likely investor perceptions.


More than three decades of financial markets experience and extensive tobacco industry knowledge provide us with a unique vantage point from where to advise on corporate strategy, M&A, investor communications and tobacco industry transformation.

Research reports

We publish research reports on topics that we deem essential for the advancement of tobacco harm reduction.

These reports range from detailed product and market analysis to commentary on current events, particularly in areas with scope for misinterpretation.